对话淡马锡吴亦兵：超配中国资产的坚定信心与投资策略

Core Insights - Temasek aims to build a resilient investment portfolio that can navigate through economic cycles, emphasizing long-term returns over short-term performance [1][2] - The company's net asset value reached SGD 434 billion, an increase of SGD 45 billion from the previous fiscal year, with a one-year total shareholder return of 11.8% [1] - Temasek's investment strategy has evolved alongside the Chinese market, focusing on sectors like energy transition and life sciences [1][2] Investment Strategy - Temasek's investment portfolio is divided into three main segments: Singapore-based assets (41%), global direct investments (36%), and cooperative investment projects (23%) [3][4] - The Singapore-based assets include well-known companies such as Singapore Airlines and DBS Bank, providing stable long-term returns [3] - Global direct investments align with structural trends like digitalization, sustainability, and new consumption, allowing Temasek to navigate different economic cycles [4] Early-Stage Investments - Temasek continues to invest in early-stage companies but maintains a limit, with early investments not exceeding 6% of the global portfolio [5][6] - The company focuses on supporting successful companies through multiple funding rounds, exemplified by its ongoing investment in Innovent Biologics [5][6] Focus on China - Temasek's exposure to Chinese assets is 18%, slightly down from 19% in the previous fiscal year, but the net asset value in China increased by approximately SGD 4 billion [6][7] - The company emphasizes innovation as a key investment theme, noting the shift in China's competitive advantages from manufacturing to engineering and R&D [6][7] New Consumption Trends - Temasek observes a significant shift in the perception of Chinese brands, moving from low-cost to premium branding, as seen with companies like Pop Mart and LABUBU [9][10] - The emergence of brands that offer emotional value and aesthetic appeal indicates a new era for Chinese consumer products, with potential for global market success [9][10] Stablecoin Insights - Temasek recognizes the early-stage development of stablecoins and their potential in enhancing payment efficiency and reducing cross-border transaction costs [11] - The company is monitoring the regulatory landscape surrounding stablecoins, emphasizing the importance of regulatory alignment for long-term viability [11]